Copper price forecast: Where is this supply deficit?

Copper has been characterized for the last couple of years as, at best, a market in balance and about to tip into deficit.
Of all the base metals, copper’s supply market has appeared the most constrained and the case for price support has most consistently rested on demand growth hitting limited supply elasticity. But as this chart from a recent Quarterly Metals Review by HSBC illustrates, the global market has not, as oft predicted, fallen into deficit in recent years………………………………………..Full Article: Source